Crypto community celebrates XRP’s victorious stride amidst SEC’s decision.

The cryptocurrency world was greeted with positive news as the U.S. Securities and Exchange Commission (SEC) decided to withdraw its claims against Ripple Labs’ top executives, Brad Garlinghouse and Chris Larsen. This move by the SEC resulted in XRP’s price surging by 7%.

For nearly three years, the SEC had been adamant in its stance, accusing the Ripple leaders of violating US securities laws. They had been facing charges of aiding and abetting the sales of XRP, a cryptocurrency which the courts had declared was tantamount to the unregistered sales of securities.

However, in a surprise move, both parties agreed to voluntarily dismiss the charges against Garlinghouse and Larsen, ending a long-standing legal battle. In their defense, both executives had consistently labeled the SEC’s allegations as “baseless.”

This win for XRP translated into the market’s positive reaction. This performance marks its most significant daily spike in over a quarter.

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